Decisions in Paradise, Part II -benchmarking decision


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The problems associated with setting a business in Kava can be identified and solutions sought through benchmarking decision making techniques. Benchmarking is a process whereby one’s business processes and performance metrics are compared to industry best practices or best practices from other industries. Most of the typical dimensions measured are cost, time, and quality (Astletiner, 2002). Decisions in Paradise, Part II -benchmarking decision.

During the process of benchmarking, the best firms in industries are identified by management and compare the results in order to determine the best industry to work with.

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  •  Implement new and improved business practices: Implementation plans including identification of opportunities, financing the project as well as selling ideas to the local organization for the purposes of gaining demonstrated value from the processes. Decisions in Paradise, Part II -benchmarking decision.
  •             Benchmarking process of decision making is advantageous in that it helps in identifying the strengths and weaknesses of a business partner hence assisting in making wise decisions. Decisions in Paradise, Part II -benchmarking decision.

    References

    Astletiner, H. (2002). Teaching Critical Thinking Online. Journal of Instructional Psychology, Vol. 29 (2), pp. 51

    Saul, J. (2004). Benchmarking for Nonprofits: How to Measure, Manage, and Improve Performance. New Jersey: Prentice Hall.  Decisions in Paradise, Part II -benchmarking decision.